Dubai VAT consultants, with their expertise in and in-depth knowledge in VAT registration and with an excellent track record, can solve all the VAT-related issues such as VAT consulting, VAT registration, VAT Training, VAT returns, and Tax Laws and regulations. Ever since the introduction of VAT from Jan 1, 2018, businesses have been seeking the services of the top VAT consultants in Dubai, who are registered with UAE’s Federal Tax Authority (FTA) as a tax agency and a dedicated tax agent. The proper or structured implementation of VAT has become a compulsion and the VAT consultancy has become an absolute necessity to comply with the UAE VAT Laws.
How VAT Consultants in Dubai Can Assist Businesses with VAT Advisory & Compliance Services?
Since the introduction of the VAT in Dubai from 1st Jan 2018, VAT consultants have been assisting the businesses to comply with the VAT regulations in the UAE. VAT consultants help the business owners with efficient tax planning which will help the entrepreneurs to control the tax outflow, and manage working capital. VAT consultants can guide the businesses mainly through VAT Advisory services and VAT Compliance services.
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Some of the Major VAT Compliance Services Offered by VAT Consultants in Dubai,
- Ensure that submission of VAT returns & reconciliation are done on time
- Review of VAT records, returns & reconciliation
- Providing advice on client’s clarifications on FTA notifications
- Representing before the FTA for tax matters
- Review and customization of source documents
The VAT Advisory Services are:
- VAT planning in UAE
- VAT advisory services
- To recommend whether to register VAT as a single entity or a tax group
- Applicability of the reverse charge mechanism for Imports
- VAT training and awareness to staff
VAT Law
The VAT is levied on the consumption or use of goods and services and the end-consumer is the ultimate bearer of the cost. UAE imposes VAT on tax-registered businesses at a rate of 5% on a taxable supply of goods or services at each step of the supply chain. However, businesses collect and account for the VAT on behalf of the government.
Business owners in UAE need to get their companies registered under the VAT in accordance with Federal decree-law No. 8 of 2017 on VAT and the Cabinet Decision (52) of 2017 on the executive regulations of the Federal Decree-Law No. (8) of 2017 on VAT. The VAT applies equally to tax-registered businesses managed on the UAE mainland and in the free zones.
VAT Registration in Dubai
It is mandatory for businesses with taxable supplies and imports worth AED 375,000 (USD 1,000) and above to apply for VAT registration. As per the UAE VAT law, businesses with taxable supplies and imports between AED 187,500 and 375,000 are allowed to make a voluntary application for VAT registration. However, those businesses whose taxable supplies and imports are below AED 187,500 are not required to file for VAT registration. The application for VAT registration can be made online but businesses can seek the services of efficient VAT Consultancies in UAE for the proper execution of the process. Further, it needs to be noted that every name whether company, owner, manager or an authorised person also needs to be entered in proper Arabic Language along with English.
Documents Required for VAT Registration in UAE
The documents required for applying for VAT Registration in UAE include:
- Copy of trade license
- Passport copy of business owner and partners
- Copy of Emirates ID of owner and partners
- Memorandum of Association (MOA) of the company and Articles of Association (AOA)
- Company contact details and address
- Bank account details
- The monthly income statement for 2017 till date as per FTA format
- Nature of business and activities performed
- Expected turnover in next 30 days
- Customs registration details (if applicable)
- Authorised signatories Emirates ID, Passport and authorization documents
Once all the documents are submitted, the FTA will review the application. If all the requirements are met, the application will be approved by FTA and a Tax Registration Number (TRN) will be issued within 2-3 weeks. The registration process for the tax group starts with a single company as detailed above and then group details to be inserted. A penalty of AED 20,000 will be imposed if the taxable person fails to register for VAT within 30 days.
VAT Consultancy Services offered by Jitendra Chartered Accountants
Businesses need to choose the right firm for VAT Consultancy services in Dubai, UAE based on a slew of factors including the experience of the tax consultant, expertise in finance, IT, operations, VAT computation, VAT refunds, and filing taxes. A VAT consultant with sound knowledge about all the technological advancement in the field can smoothly verify reports, claim refunds, fill forms or handle any complex issues related to VAT.
Jitendra Chartered Accountants (JCA) has a qualified team of VAT consultants who are equipped with local experience about VAT accounting, VAT filing, VAT refunds and all the other laws and regulations related to VAT in UAE. Jitendra Chartered Accountants is a regulated tax agency with a registered Arabic speaking tax agent with the Federal Tax Authority (FTA), who can help on any tax-related matters and can represent companies in tax cases against FTA.
